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Thesynergyonline Banking Bureau
NEW
DELHI, AUG 29 : RETAD
is an online reporting system meant for bank branches authorized to deal in foreign
exchange. It is an online base system. Under this system branches can report their
foreign exchange transaction, sale or purchase through system. Present on the
occasion were Mr Anees Kumar, Managing Director, Treasury Services India Sub Continent,
The Bank of New York Mellon and Ms Nisha Parera, Vice-President, The Bank of New
York Mellon. The bank has emerged as a technology savvy bank that offers world class technology products and services to its customers along with the distinction of being the largest nationalized bank with 100 percent branches on CBS network. The bank has positioned itself as peoples' bank, with more than 58 million customers in India, added Mr Kamath. Mr Kamath also thanked the associates and the esteemed customers for their support and the cooperation in keeping the bank to scale greater height. He emphasized that the bank's products need to be customer-centric and the Bank should tailor its products as per customer's requirement through product innovation. Mr S K Dubey, General Manager IBD HO and Mr K K Arvindakshan, Field General Manager, Mumbai and Mr S A R Zaidi, Deputy General Manager and Mumbai Circle Head were also present on the occasion.(editor@thesynergyonline.com)
Thesynergyonline Banking Bureau MUMBAI
, AUG 29 : All
such investors under dividend option of Sahara Banking & Financial Services
Fund whose name appear in the register of the unit holder's book as on the record
date would be eligible for the dividend. Sahara Banking & Financial Services Fund is an Open-Ended Growth scheme that aims to provide long term capital appreciation through investment in equities and equities related securities of companies whose business comprise of Banking & financial services, either in whole or in part. NAV of Sahara Banking & Financial Services Fund as on August 27, 2010 is Rs. 19.3228. (editor@thesynergyonline.com)
Thesynergyonline Banking Bureau MUMBAI,
AUGUST 27 : Mr R Ramakrishnan vice president, Passenger Vehicle Business Unit, Tata Motors said, "The customers of Tata Motors will now have access to customised finance products from IndusInd Bank. We are sure that our growing network will also drive the tie-up to achieve the aspirational growth targets." "IndusInd ranks in the top retail financiers for Tata Motors commercial vehicle segment today and we are happy to extend this partnership for our passenger vehicle business as well. IndusInd Bank will be one of the preferred financiers for Tata cars and utility vehicles," he adderd. On
the tie-up, Mr S. V. Parthasarathy, EVP-Consumer Finance Division, IndusInd Bank
said, "With this tie-up IndusInd Bank would be in a position to cater the
financial needs of Tata Motors customers for the entire range of vehicles sold
by Tata Motors. With their huge reach IndusInd Bank and Tata Motors would be able
to cater to AAM AADMI. " (editor@thesynergyonline.com)
Thesynergyonline Banking Bureau
NEW
DELHI, AUG 21 : Mr R Gopalan, Secretary, Department of Financial Services, Mr Mohan V Tanksale and Mr Nagesh Pydah, Executive Directors of the bank, were also present on the occasion. The total dividend for the year (Rs. 400.92 crore), including the interim dividend (Rs 182.24 crore) of Rs. 10 per share comes to Rs. 22 per share i.e. 220 percent for the financial year 2009-10 as against Rs.20 per share i.e. 200 percent for the preceding year paid by Punjab National Bank to the Govt. of India. The Govt of India holding in the bank is 57.8 percent. The net profit of the bank was Rs.3905 crore in the FY 2009-10, as against Rs.3091 crore in the previous year, recording y-o-.y. growth of 26.4 percent. The bank's total business surged at the end of June 2010 to Rs 4,52,205 crore, registering a growth of 20 percent y-o-y basis. The net profit of the bank registered a y-o-y growth of 28.4 percent to Rs.1068.29 crore, during first quarter of FY 2010-11 as against Rs. 832.05 crore in the corresponding quarter of last year. During the quarter ended June, 2010, operating profit of the bank increased to Rs.2098.17 crore from Rs.1569.34 crore, registering a growth of 33.7 percent. The bank’s return on asset was 1.38 percent as at the end of June, 2010, as compared to 1.31 percent at the end of June, 2009. The total deposit of the bank at the end of June, 2010 amounted to Rs.2,55,335 crore as compared to Rs. 2,18,960 crore in June, 2009, registering a y-o-y growth of 16.6 percent. Similarly, advances of the bank increased to Rs.1,96,870 crore as compared to Rs. 1,57,979 crore at the end of June, 2009, registering a growth of 24.6 percent. (editor@thesynergyonline.com) Thesynergyonline Banking Bureau NEW
DELHI, AUG 18 : Under
the offer, Housing Loans upto Rs 50 lakh will be available at discounted rate
of interest of 8.50 percent under fixed interest rate option (fixed for three
years) across all repayment tenors, with a proviso that applicable rate will be
base rate in case it crosses 8.5 percernt. Besides full waiver of processing (upfront) fee and documentation charges margin also stands reduced to 15 percent for housing loans upto Rs.20 lakh. A rebate of 0.50 percent p.a. in rate of interest is also offered to prospective car loan borrowers under Fixed Option. The Offer will be valid from August 20 , 2010 to December 31 , 2010. (editor@thesynergyonline.com)
NEW
DELHI, AUG 18 : large number of local staff members voluntarily donated their blood in this camp. Three such camps are being organized with the help of Indian Red Cross Society in the HO Buildings of the bank. The other two such camps are scheduled at Rajendra Place, New Delhi on Thursday and at Sansad Marg on Friday . The bank has been organizing blood donation camps at corporate level for the last more than 20 years as part of its CSR agenda which has always generated overwhelming response of the staff. Mr. Kamath said on this occasion that PNB has woven CSR into the fabric of PNB. Our people lead by example showing that good corporate citizenship is about more than money. The bank had organized 25 such camps during the year 2009-10 also. The camp organized at HO, last year, had collected a record number of 230 units of blood which must have saved an equal number of lives. Besides these, some other initiatives of PNB towards CSR include medical check up camps, tree plantation camps, distribution of rtificial limbs, career guidance camps besides skill upgradation of rural poor including women and youth. (editor@thesynergyonline.com)
Thesynergyonline Banking Bureau CHENNAI,
AUG 19 : The dealers of Ashok Leyland will now have access to ready upstream finance from IndusInd Bank to meet their working capital requirements in addition to the existing retail finance arrangements. This tie up is a part of the strategic focus of IndusInd Bank in developing the supply chain business. Mr. K. Sridharan, Chief Financial Officer of Ashok Leyland opined, “IndusInd Bank has always played a key role in financing various components of Ashok Leyland’s value chain, such as Dealers, Customers and Suppliers; Now they have offered an integrated, attractively priced, on-line Inventory Finance product, which encourages quick turn around of Dealers’ Inventory and conversion into retail finance for end-customers. It promises to be an all-win proposition for all stakeholders”. Mr Suhail Chander, Head Corporate & Commercial Bank, IndusInd Bank said, “IndusInd Bank is a market leader in the business of financing of Commercial Vehicles, Ashok Leyland is a leading player in this segment, it is only natural that we extend the existing partnership to Channel Financing. By the introduction of a technology-based product developed through our experience and knowledge of the industry, we expect to bring efficiencies to the financial operations of both Ashok Leyland and its Dealers.” Mr. Ramesh Ganesan, Head Transaction Banking, IndusInd Bank added, “IndusInd Bank’s focus is to expand the scope of client relationships by adding value to partners of our clients. There is an increased need for financing in this fast growing sector. We propose to deliver this product through a technology platform enabling integration with the manufacturer and the dealers, thus speeding up credit delivery at a reduced cost, supported by widespread branch network.” (editor@thesynergyonline.com)
Thesynergyonline Banking Bureau
NEW
DELHI, AUH 16 : Mr.
Pydah said on the occasion that the nation had attained freedom after a long and
fierce struggle by the patriots which culminated into full-fledged political independence
63 years ago. However, when we revisit the entire episode, the poverty prevalent
amongst a large number of our population remains a challenge to the nation and
socio-economic transformation of the poor is still a Herculean task to the banks.
He
called upon his fellow colleagues to devote themselves to bring out the downtrodden
from the octopus grip of poverty by way of achieving national goal and implementing
the concept of financial Inclusion completely. "The
mantra of Financial Inclusion is an all-round economic progress of hitherto unbanked
people so that they could also reap the benefits of country's development and
bring them out from abyss of poverty. For this, we have to leverage our technological
prowess & fulfill the credit needs of the poor & neglected lot",
he added. He
further told that the very birth of the bank was a dream of patriots including
Lala Lajpat Rai who laid its foundation in the year 1895 with the intention to
have a Swadeshi Bank which could be run by Indians to serve fellow countrymen
in a better way. (editor@thesynergyonline.com)
Thesynergyonline Banking Bureau
Accordingly, Mr.Arun Thiagarajan assumed charge as the Part-time Chairman of the bank effective from Monday, the 9th, August 2010. He succeeds the distinguished banker K R Ramamoorthy, who completed his term of office on July 7 , 2010. Mr. Arun Thiagarajan, who is educated abroad both in Engineering and Management, has had a career in the corporate world over the last forty years. His association spans across companies like Asea Brown Boveri, Wipro and Hewlett Packard in different capacities, inclusive of the position of President and Vice Chairman. He is actively involved in trade bodies like CII and others. He has been on the Board of the bank for the last seven years and been actively involved in various board level committees. The bank in a statement said, "Mr. K R Ramamoorthy, a renowned banker who played a pivotal role in steering the bank over the last 14 years from strength to strength, completed his term of office in July 2010. The board nominated Mr. Arun Thiagarajan, to succeed Mr. K R Ramamoorthy, for his vast experience in Strategic Planning, Economics & Finance, Technology and Systems. We look forward to his rich experience and vision, to lead ING Vysya Bank, in its journey to be a strong, vibrant, technology driven bank that stands for innovation and making banking easier for customers". (editor@thesynergyonline.com)
Thesynergyonline Banking Bureau
The revised interest rates for Domestic Term Deposits 'Below Rupees One crore' effective from the August 17 , 2010 would be as under:
The
bank has also launched floating rate term deposit products linked to 'Base Rate'
from September 6 , 2010. The applicable interest rates would be as under:
The bank has also revised the Benchmark Prime Lending Rate upwards by 50 bps from 11.75 percent p.a. to 12.25 percent p.a. effective from August 17 , 2010. (editor@thesynergyonline.com)
NEW
DELHI, AUG 16 : The bank has also raised Rs 440 crore of Upper Tier II Subordinated Debt from Life Insurance Corporation of India (LIC). The Upper Tier II placement has a tenor of 15 years and has been rated 'LAA-' by ICRA. LIC's total holding of bank's Subordinated Debt (Upper Tier II and Lower Tier II) aggregates to Rs 1,110 crore in addition to their consolidated equity holding of 3.06 percent of Yes Bank. Mr. Rana Kapoor, Managing Director and CEO, Yes Bank said, "The subscription of Rs 440 crore of Upper Tier II by LIC and oversubscription of Perpetual Debt Issuance of Rs 225 crore by the bank exemplifies the trust of our expanding high pedigree investor base, in the the bank management and confidence in the our financial and business model." " The issuance is a credible reflection of the appetite among leading institutional investors for the bank's hybrid/long term capital. This capital raising initiative is another step towards augmenting our next phase of growth - Version 2.0, which is clearly the most stimulating phase in the life cycle of the bank." With this capital raising initiative, the bank's total capital funds have gone up to approximately Rs 6000 crore, augmenting the capital adequacy ratio (approximately 18.7 percent based on Risk Weighted Assets as on June 30, 2010, up from 16.6 percent), and providing the bank with increased growth opportunities with leading Indian corporate houses. (editor@thesynergyonline.com)
Thesynergyonline Economic Bureau MUMBAI,
AUGUST 16 : The
net profit of the bank for the 3 months ended June 2010 stood at Rs 23.39 crore,
as against the annual net profit of Rs 30.67 crore for the whole of 2009-10. The
total income of the bank for the first quarter ended June 2010 has grown at 16.80
percent to Rs 274.99 crore from Rs 235.44 crore in the corresponding period of
the previous year. The
CASA (current account to savings account) balance of the bank has grown remarkably
by 42.60% from Rs 1202 crore in last Q1 to Rs 1714 crore in current Q1. Deposits
level rose from Rs 8011 crore (June 09) to Rs 8956 crore and the credit portfolio
expanded from Rs 5546 crore (June 09) to Rs 6413 crore. The Total Business Mix
improved to Rs 15,369 crore from Rs 13,557 crore, a 13.37% increase year-on-year
basis. The capital adequacy ratio (CAR) stood at 13.98 percent as of June 30, 2010 as per Basel II norms. (editor@thesynergyonline.com)
Thesynergyonline Banking Bureau
NEW
DELHI, AUG 12 : The PNB World Travel Card has been designed as a prepaid wallet for persons traveling abroad that can be used outside India. The card is available in 3 currencies, viz., US $, euro and British Pound and can be used at ATMs for cash or at point of sale terminals. This can be reloaded also. For Premium customers, the bank has introduced the PNB Platinum Debit Card. The event held here recently was chaired by Mr K R Kamath, CMD of the bank while Mr T V Seshadri, Country Head MasterCard and General Manager South Asia, was the guest of honor. Mr MV Tanksale and Mr Nagesh Pydah, Executive Directors of Punjab National Bank were also present at the event which was attended by important customers and senior executives of the bank. The bank has emerged as a technology savvy bank that offers world class technology products and services to its customers along with the distinction of being the largest nationalized bank with 100 percent branches on CBS network. The bank has positioned itself as peoples’ bank, with more than 58 million customers in India. The bank also announced two additional benefits for its debit card holders to be launched shortly: PNB Loyalty Reward Points and PNB Accidental Benefit Scheme. Under the loyalty scheme, a customer would receive the benefit of earning Free Loyalty Reward Points by using PNB Debit Cards at POS terminals that may be redeemed subsequently against goods and services. Additionally, active Debit Card holders would be eligible for free accidental coverage against the unfortunate incidence of accidental death. CMD, PNB , Mr Kamath emphasized that the bank’s products need to be customer-centric and the bank should tailor its’ products as per customer requirement through product innovation. He added that the World Travel Card and the PNB Platinum Debit Card were two such prime products that were eagerly awaited and he expected them to be used widely. Mr K R Kamath, CMD, PNB and Mr T V Seshadri, Country Head, Master Card along with Mr M.V.Tanksale and Mr Nagesh Pydah, EDs PNB at the launch of PNB World Travel Card and PNB Platinum Debit Card. Also seen are Mr P N Khanna and Ms Kritika, customers and general managers of the bank. (editor@thesynergyonline.com)
Thesynergyonline Bankling Bureau
NEW
DELHI, AUG 11 :
The MoU was signed in the presence of Mr.Nandan Nilekeni, Chairman, UIDAI. and
Mr T Y Prabhu, Chairman and Managing Director, Oriental Bank of Commerce. Through
this MoU, Oriental Bank of Commerce would take up the activities for allotment
of 12 Digit UID to public at large. The bank as Registrar shall avail the services of empanelled enrolment agencies for capturing the identification details of each person along with the biometric characters such as finger-prints, Iris etc. through the branch network of more than 1500 branches in India.
The information so captured shall be sent to UIDAI who shall process the information
to generate 12 Digit UID for each applicant. The UID number shall be informed
directly to the customers by UIDAI under intimation to the bank. The signing of MoU with UIDAI will step up its efforts in the financial inclusion activities undertaken by the bank by using state- of -art biometric- based micro ATMs and use of UID in financial transactions. The use of UID in the bank would also facilitate better authentication and verification of existing as well as prospective customers which would help in adhering to KYC norms. (editor@thesynergyonline.com)
According
to ASSOCHAM, the proposal for issuance of new bank licences as mooted in the Finance
Act, 2010-11 is timely and can well serve development objectives of government
provided RBI considers the recommended suggestions since Indian owned and Indian
incorporated banks would have potential to broadbase its banking network and also
become a force to reckon with. The
Chamber has advocated the need for giving new licences based on realistic approach
and processes so that efficiency and stability of banking system is sustained
by inducting more competition. In
a statement, the Chamber's spokesman emphasized that experience has shown that
promises made by licensee at the time of issuance of licence and subsequent compliance
are often at variance and RBI has little authority to take corrective action,
especially in a de-regulated environment. It
is in view of this that the Chamber feels that the apex bank should observe extra
precautions before it considers and rewards licences for new banking entities
because cancellation of bank licence that commences business is often an impractical
proposition under current legal framework. "A study of compliance with conditions
imposed on bank licences issued, including promises of priority to, say, agriculture
would be helpful in devising correctives, and in the way forward", argued
Chamber. The
Chamber has further stressed that it would be critical to ensure that such licences
will necessarily serve developmental objectives because major banks in private
sector that are now operating in India are incorporated in India but are predominantly
owned by foreigners. Further,
the Chamber has pointed out that there have been instances where full and reliable
information on the fit and proper ownership of promoters was not brought to the
notice of RBI before issuance of licence. Therefore, putting in public domain
every application and its accompanying information at every stage would avoid
such misleading representations. The
guidance of ownership and governance issued in 2004 have helped in improving consolidation
and strengthening of private sector banking. Hence, issue of new licences could
ideally be considered broadly as per guidelines already in position. The
Chamber has further cautioned that legal aspects, both in letter and spirit should
not be ignored. As per current legislation governing banks, voting rights are
restricted to 10 per cent, whatever be the extent of actual ownership. When the
RBI stipulates a higher percentage for a promoter's ownership, an artificial slicing
of ownership often becomes an operational necessity, and RBI becomes a willing
party tot artificial slicing, this in a way undermining intent of law. The amendments to existing Act also envisage strengthening the regulatory authority of RBI consistent with global best practices. In view of recent global experience with banking industry and India's own experience, ideally, the proposed amendments to law could be carried out first and the new bank licences issued thereafter to reduce uncertainties to all concerned. (editor@thesynergyonline.com)
Thesynergyonline Banking Bureau MUMBAY
, AUGUIST 04 : The revised interest rates are effective from August 06, 2010. Additional Interest rate for Senior citizen 50 bps above the normal interest rate. The bank also reviewed its benchmark prime lending rate (BPLR) keeping in view the current interest rate environment and decided to increase it by 50 Basis Points (bps) with effect from August 05, 2010. (editor@thesynergyonline.com)
IDBI
BANK MAKES US$ 350- MILLION BENCH-MARK REG S BOND ISSUE Thesynergyonline Banking Bureau
NEW
DELHI, AUG 03 : The bench-mark bond Issue has been raised through IDBI Bank’s branch at Dubai International Financial Centre and the proceeds will primarily be used for meeting the foreign currency requirements of Indian corporates. The issue was over-subscribed by more than 5 times indicating strong investor appetite for IDBI Bank bonds. The issue got response from more than 200 investors which showed interest from diversified group of institutional investors, banks and HNIs through private banks. Fortysix
percent of the bonds were allocated to Asian Investors, 40 percent to European
Investors and 14 percent to US Offshore Investors. The allocation of 40
percent into Europe is among the largest achieved in recent Reg S only transactions.
The Arrangers for the MTN programme were HSBC and Barclays Bank. The Joint Lead Managers and Book-runners for the benchmark bond issue of US$ 350 million were Barclays, BNP Paribas, HSBC, RBS and Standard Chartered Bank.(editor@thesynergyonline.com)
Thesynergyonline Banking Bureau MUMBAI,
AUG 03 : World Bank, in association with the MoEF, GoI, has developed India Chiller Energy Efficiency Project (ICEEP), for providing financial incentives aimed at accelerated replacement of energy inefficient Centrifugal CFC based chillers with more energy efficient non-CFC based chillers as a programmatic activity. The project aims at replacement of about 370 CFC centrifugal chillers in the country over a period of two years (215 from Global Environment Facility /Ozone Trust Fund grants and 155 from CDM revenue) for the switchover to the non-CFC energy efficient chillers. The project is expected to reduce 159 metric tonnes (mt) of CFC and 3.86 million tones of Carbon di Oxide (tCo2) over next five years. (editor@thesynergyonline.com) Thesynergyonline Banking Bureau
Prior
to joining Lakshmi Vilas Bank, he was the Chief Executive Officer and Managing
Director of Standard Chartered - STCI Capital Markets Limited, a subsidiary of
Standard Chartered Bank. Mr Somasundaram brings with him over 25 years of rich
and varied national and international experience having served both the Industry
and Banking Services. (editor@thesynergyonline.com)
Thesynergyonline Banking Bureau
NEW
DELHI, JULY 30 : According the MoU , PNB being the sixth bank to have entered into such MoU, shall provide AADHAAR (UID No.) to its existing 58 million customers as well as future customers by collecting biometric and demographic details as per UID norms. The
bank has network of banking outlets with over 5000 branches and 3715 ATMs and
has a strong presence of more than 3000 rural and semi urban branches. The bank
has a business of Rs 4520 billion at end June 2010 with a deposit base of Rs 2550
billion and a credit portfolio of Rs 1970 billion. The bank opened 57 lakh No Frill accounts under financial inclusion which are being serviced by its nearly 3000 Rural/Semi urban branches. It has plans to open another 130 rural branches in the current financial year. The bank is implementing 39 ICT based projects in 15 States. PNB has plans to cover 5,000 villages in next 2 years and provide services to 10 million customers through ICT model. The
UID is developing the architecture of technical standards and ecosystem that will
facilitate collection of demographic and biometric attributes by various agencies
it has empanelled to support AADHAAR, based on which the UID number will be allotted
to each citizen. These UID numbers then shall be dovetailed into PNB's present
and future customer base so as to provide the facility of 'Anytime Anywhere Anyhow'
banking services. The bank will use this platform not only to cover rural populace which has hitherto been deprived of financial services but also to distribute benefits under the Social Security Scheme and provide credit facilities as per PNB's motto "Banking for the Unbanked". (editor@thesynergyonline.com)
Thesynergyonline Banking Bureau NEW
DELHI, JULY 31 : The bank is now offering highest interest rate at 7.50 percent per annum for deposits of 5 year and above. The step has been taken to compensate its depositors against the inflation impact. Besides this, the Bank has also implemented payment of interest in Savings deposits on Daily Product basis effective from Apri1st, 2010. The bank also increased its BPLR to 11.75 percent from . August 1, 2010 to offset the impact of above changes, while retaining its base rate intact. (editor@thesynergyonline.com)
The bank has been offering the most competitive BPLR in the industry @ 11 percent since May 1, 2009. Even at 11.75 percent, the bank would continue to offer one of the lowest benchmark prime lending rate (BPLR) in the industry. Recently, the bank implemented the Base Rate System with effect from July 1, 2010. The current increase in BPLR would not adversely impact the customer interest as the new customers will come under Base Rate regime. The existing borrowers also have an option of switching over to the Base Rate whenever they so desire. Hence the impact of increased BPLR on the borrowers is expected to be minimal .(editor@thesynergyonline.com)
Thesynergyonline Banking Bureau MUMBAI,
JULY 31 : ICICI Bank continued to invest in expansion of its branch network to enhance its deposit franchise and create an integrated distribution network for both asset and liability products. The branch network of the Bank has increased to 2,016 branches at June 30, 2010, the largest branch network among private sector banks in the country.
Current and savings account (CASA) deposits of the bank increased 32 percent to
The bank's net non-performing asset ratio decreased to 1.62 percent as on June 30, 2010 from 2.19 percent as on June 30, 2009 . Provisioning coverage ratio increased to 64.8 percent on June 30, 2010 from 51.1 percent on June 30, 2009
Fee income of the bank increased 7 percent to Total
deposits of the bank were The
total assets of the bank as on June 30, 2010 were Net
non-performing assets of the bank ecreased by 25 percent to The
bank's provisioning coverage ratio as on June 30, 2010 was 64.8 percent compared
to 51.1 percent as on June 30, 2009. ICICI Life's new business annualised premium
equivalent (APE) increased by 90 percent to
Thesynergyonline Banking Bureau
NEW
DELHI, JULY 30 : The operating profit of the bank for Q1FY'11 increased by Rs. 305.40 crore to Rs. 822.31 crore as on June 30, 2010 from Rs.516.91 crore as on June 30 , 2009, recording a growth of 59.08 percent y-o-y . The bank's Net Interest Income (NII) for Q1 reaches Rs. 1057.24 crore , recording a y-o-y growth of 118.36 percent. Net Interest Margin (NIM) of the bank for Q1 increased to 3.34 percent as against 1.83 percent as on June 30, 2009. The total business of the bank stood at Rs.2,09,156 crore as on June 30 , 2010, showing an increase of Rs. 34,895 crore from Rs.1,74,261 crore as on June 30,, 2009, recording a y-o-y growth of 20.02 percent. Total deposits of the bank grew by 19.83 percent y-o-y to Rs.1,23,057 crore as on June 30, 2010 from Rs. 1,02,695 crore as on June 30 , 2009. The CASA deposits of the bank grew by 28.82 percent y-o -y. Total Advances of the bank showed a growth of 20.31 percent y-o-y to Rs. 86,098 crore as on June 30 , 2010 as against Rs. 71,566 crore as on June 30, 2009. The Credit Deposit Ratio stood at 70.16 percent as on June 30, 2010 . Bank's priorityb sector advances grew by 22.94 percent y-o-y out of which Direct Agriculture grew by 43.97 percent y-o-y . Number of of SME accounts increased from 56,200 to 1,59,807 and bank's fund-based exposure from Rs.7080.24 crore to Rs.12,365.19 crore , registering a growth of Rs.5284.95 crore and an increase of 74.6 percent y-o-y . The bank's gross NPAs as percentage to total advances stood at 1.74 percent. Net NPAs of the bank as percentage to total advances stood at 0.72 percent. Cash recoveries aggregating Rs. 69.95 crore were effected in the Q1 of Financial Year 2010-11. The NPA provision coverage stood at 80.39 percent as on June 30, 2010 as against the minimum prescribed level of 70 percent. The CRAR of bank stood at 12.44 percent as on June 30, 2010. Return on Equity (RoE) stood at 19.97 percent as on June 30, , 2010 as against 15.85 percent as on June 30, 2009. Return on Assets (RoA) of the bank increased up to 1.03 percent as on June 30 , 2010 from 0.89 percent as on June 30, 2009. The earnings per share (EPS) of the bank stood at Rs.14.50 as on June 30, , 2010 as against Rs.10.27 as on June 30, 2009. Book Value of share increased to Rs.303.58 from Rs. 264.38 in June 2009. (editor@thesynergyonline.com)
LAKASHMI VILAS BANK REVISES INTEREST RATES ON DOMESITC TERM DEPOSITS Thesynergyonline Banking Bureau NEW
DELHI, JULY 28 :
Thesynergyonline Banking Buureua NEW
DELHI, JULY 28 : “We have an illustrious list of shareholders comprising of all 21 Public Sector Banks, Public Sector Units, leading Private Sector Banks and corporate institutions like the Bombay Stock Exchange. With ICICI Bank becoming the 26th Bank to join us, we now have the support of almost the entire Indian Banking fraternity. This association will allow us to reach new customers in both institutional and retail segments thereby expanding currency trading in this country ", said Mr. T.S. Narayanasami CEO and MD, United Stock Exchange.
Thesynerbgyonline Banking Bureau NEW
DELHI, JULY 27 : The inauguration by the Chief Minister, Government of NCT of Delhi, Mrs Sheila Dikshit from the flagship New Delhi branch at South Extension, also known as the Yes Bank Global innovation Centre witnessed the presence of business leaders and industry experts. The bank has recently announced its plans to launch 100 more branches in India within the next one year to reach 250 branches nationally in 26 states. The bank aims at strengthening the financial infrastructure in the highly important National Capital Region by establishing an extensive and robust framework of state-of-the-art branches providing comprehensive financial solutions, specifically catering to Large and Mid-Corporate, Central and State Government entities, MNCs, SMEs, MSMEs and Individual customers in this high-potential region. (editor@thesynergyonline.com) The bank also aims at transforming branches from mere transaction outlets to ‘Service Oriented Financial Centers’, thus shifting the focus from providing vanilla transactions to value added services. On bank's future plans, Rana Kapoor, Founder/Managing Director and CEO, Yes Bank, said, “With over 25 percent of the bank branches NCR will be a significant contributor to the bank’s overall growth. This incremental branch expansion up to 100 branches by 2012 in the NCR region is a significant organizational imperative for the bank’s next phase of growth Version 2.0 that will further propel retail/SME banking initiatives." " The bank is steadily entering into the retail banking segments, by offering a wide suite of competitive products including secured/unsecured business loans, working capital finance, trade and CMS and complementary products including CV finance, secured personal loans, amongst others gradually, while augmenting the pan-India branch presence to 250 by June 2011, " he added. (editor@thesynergyonline.com)
Thesynergyonline Banking Bureau
NEW
DELHI, JULY 26 : This centre has been sponsored by PNB, for children of underprivileged section of the society. Its mission is to make children of deprived class self-reliant by imparting vocational training on computers. With the help of this centre, children and youth of above 14 years of age will be able to enrol themselves for higher education and get better job prospects. The computer programme will be of six months duration having 05 sessions per week for hours each. On completion of the course, all participants will get certificate issued by the Ministry of HRD, Govt. of India. The centre is aimed to reach out to the children & adolescents from the slum community of Okhla, Garhi, Sanjay colony, Janta Jeewan Camp, Tilak Khand, Shyam Nagar, Indira Camp etc. Adharshila is a young NGO whose mission is to build foundation at grassroots level with dedication and sincerity. Punjab National Bank is sponsoring this ‘Computer Centre’ with its commitment to society under Corporate and Social Responsibilities. (editor@thesynergyonline.com)
Thesynergyonline
Banking Bureau
NEW
DELHI, JULY 22 : The bank's net interest income (NII) rose 40.67 percent to Rs 2,619 crore from Rs 1,861.8 crore (y-o-y), disclosed Mr K R Kamath , Chairman and & Managing Director, PNB at a media conference here today. The operating profit of the bank for the first quarter of current financial year (Q1 FY11) stood at Rs 2098.17 crore as against Rs 1569.34 crore in Q1 FY10, recording a y-o-y growth of 33.7 percent. The bank's core operating profit excluding trading profit rose by 63.3 percent to Rs.1977.06 crore in Q1 FY11 from Rs 1210.86 caroler in Q1 FY10 , he said. The net profit excluding treasury operations witnessed a jump of 127 percent to reach Rs 960.81 crore in Q1 FY11 from Rs 423.18 crore in Q1 FY10. The total business of the bank rose to Rs 4,52,205 crore as compared to Rs 3,76,939 crore in June 2009, showing a y-o-y growth of 20 percent, he added. Mr
Kamath further said that deposits of the bank at the end of June 2010 amounted
to Rs 2,55,335 crore as compared to Rs 2,18,960 crore in June 2009, exhibiting
a growth of 16.6 percent on y-o-y basis. CASA improved from Rs 83,948 crore in
June'09 to Rs.1,04,385 crore in June'10 recording a growth of 24.3 percent. CASA
share improved to 40.9 percent in Q1 of FY 2010-11 from 38.3 percent a year ago.
Advances of the bank at Rs 1, 96,870 crore as on June 30, 2010 grew by 24.6 percent
on y-o-y basis as against Rs 1,57,979 crore as on June 30, 2009. The Credit Deposit
Ratio improved to 77.1 percent as at June'10 from 72.1 percent in June'09, he
informed. The
Core Non Interest Income (excluding trading profit) witnessed a y-o-y growth of
10.9 percent to touch Rs 674.15 crore. Total
expenses (excluding provisions) at Rs 4765.21 crore at the end of June 2010 have
registered a growth of 3.4 percent only from a year ago. While growth in Interest expenses was contained at a miniscule 0.8 percent, Non-Interest expenses growth was restricted to mere 10.2% during the first quarter of 2010-11 despite recent wage revision and provisions made for pension fund , he added.(editor@thesynergyonline.com)
Thesynergyonline Banking Bureau NEW
DELHI, JULY 17 : In
a statement, the ASSOCHAM president, Dr. Swati A. Piramal has pointed out, that
base rate regime in it’s existing shape needs to encompass in it’s fold
various issues and grey areas that confront interest rate regime. The
existing borrowers having availed loans at fixed rates need to be brought into
base rates so that they do not suffer. The purpose of base rate has been to transmit
monetary policy action swiftly and adequately. Currently, the base rates are proposed
to be reset every quarter irrespective of time and tenure of monetary policy instances
of RBI. There needs to be parity in timelines. There
should be similar timelines in addition to banks own policy for resetting the
base rate. This will ensure monetary policy transmission without gap. The
present base rate also makes no mention of it’s applicability on non-banking
financial companies (NBFCs), Regional Rural Banks (RRBs) and Co-operative Banks
which continue to have different set of guidelines, heavily loaded against the
borrowers. The
government is the biggest borrower in the market and is often responsible for
interest rate swings. The base rate does not appear to cover the government borrowings
in the sense that these borrowings are related to the prevailing coupon rates
for various government securities or various maturities. The role played by the
government while making huge amount of borrowings influences interest rates and
base rate regime clarity is needed in this regard. The
present arrangement of banks for funding against letter of credit (LCs) and bill
discount which invariably is at substantially reduced rate due to guaranteed payments
will be severely affected and therefore, needs to be addressed on priority. The ASSOCHAM has reiterated that the base rate has to be broad based and widened to address all these issues comprehensively to defeat any distortions in the money market, said ASSOCHAM chief. (editor@thesynergyonline.com)
Thesynergyonline Banking Bureau
NEW
DELHI, JULY 15 : The award was received by Mr K R Kamath, CMD of PNB, on behalf of the bank from the Finance Minister, Mr Pranab Mukherjee. Leaders of India’s financial sector including heads of banks, industry stalwarts and others were also present on the occasion. According
to the study, Punjab National Bank has been ranked No 1 in terms of strength and
soundness, profitability and credit quality which earned it the Best Bank slot.
The asset size of Rs 2,46,91,862 lakh and networth of Rs 14,65,362 lakh helped
the bank in attaining the top slot in terms of 'strength and soundness'. The bank outperformed others in 'credit quality' by registering the decline of Rs 55,183 lakh in gross NPAs. The bank was placed ahead of others in 'profitability' parameter due to its reasonably good profitability ratios like Return on Assets, Return on Networth and Cost to Income Ratio. (editor@thesynergyonline.com) CIBIL
DETECT FOR NATIONWIDE DATA BASE OF SUSPECT ACTIVITIES Thesynergyonline Banking Bureau NEW
DELHI, JULY 08 : In addition to reported fraudulent and suspicious activities, CIBIL Detect also contains valuable information on high-risk vendors and agents which credit grantors can share and access. This repository will be a comprehensive, reliable, up-to-date, centralized point of reference on the high-risk incidents in the credit sector for India. It will also keep a track of the modus operandi of individuals who have committed banking-related frauds in the past. Mr. Arun Thukral, Managing Director, CIBIL said, “Banks and financial institutions have been reporting rising cases of frauds and spurious incidences. Realizing the urgent requirement of an industrywide system for fraud control, the Indian Banks’ Association (IBA) entrusted CIBIL and TransUnion to develop an exhaustive repository of information on spurious activities that will not only capture the methods used to commit fraud, but can also indicate whether the person or organization was a victim of fraud or was involved in it.” While delivering the keynote address at the conference, Mr. K Unnikrishnan, Deputy Chief Executive, Indian Banks’ Association (IBA) said, “Increasing number of frauds in banks in recent years is a matter of great concern. Anywhere, anytime banking facilities make it easier for fraudsters to remain faceless and siphon funds out of the system much faster than ever." "As fraudsters move from one bank to another to avoid detection, we had thought of creating a data base on frauds to serve as due diligence tool for banks before establishing business relationship with new customers. As more and more banks start reporting fraud data to CIBIL, the data base would become larger and more useful to the banking system. I am confident this IBA backed initiative from CIBIL will serve public interest in a meaningful manner.” CIBIL Detect has been designed to help at both an organizational as well as an industry level. At an organizational level, it will act as a comprehensive nationwide repository that can be used to check if the business prospect has been involved in any spurious activity. On an industry level, CIBIL Detect will fuel the regulatory body’s efforts towards creating a healthy and sound credit culture by effectively identifying, recording and sharing information on high-risk activities. “CIBIL Detect is bringing speed and confidence to risk management decisions taken by lending institutions and improving their overall portfolio quality. It will also pave the way for economic development by inculcating greater financial discipline, provide better control on high-risk activities and help disciplined and deserving consumers gain access to the credit they deserve,” added Mr. Thukral. (editor@thesynergyonline.com)
Thesynergyonline Banking Bureau
NEW
DELHI, JUNE 26 : He further exhorted the banks that KYC implementation should be made a more meaningful and purposeful exercise rather than a mechanical compliance. He stressed that Citizens' Charter in the Bank should be followed in letter and spirit. The attitudinal aspect and soft skills should be given due weightage while making recruitment in the banks. He lauded the efforts made by this forum for quick redressal of customer complaints and improvement in customer service in banks. He also brought to the attention of bankers the need to focus upon the basic details of banking ranging from layout of the branch to the core services that are being rendered, along with the new challenges brought about by technology. Mr K.R. Kamath, CMD, Punjab National Bank informed that Customer Service Centre in Delhi was set up on March 27 , 1985 by the Ministry of Finance, Government of India , under the aegis of PNB with all public sector banks and J&K Bank as its members. The
purpose of this centre is redressal of grievances pointed out by customers of
member banks within a set timeframe. Review meetings on the functioning of this
centre are conducted on monthly basis wherein representatives of RBI and banking
ombudsman, Delhi are also participate in discussions on issues relating to improvement
in customer service and to take stock of pending complaints directly lodged with
RBI and banking ombudsman. Incognito visits of branches of member banks are also
taking place , he further informed . Representatives from RBI/banking ombudsman and GMs/DGMs/AGMs and nodal officers from member banks also deliberated in the Open House session on customer service. The discussions centred around paradigm shift in the range of services rendered by the banks and their complexities which bring forth new set of challenges in the matter of efficient customer service. Also the technological advancements brought about in the banks' functioning in the past 25 years add a new dimension to the customer service. Mr
G.S.Vedi , CMD, Punjab & Sind Bank and Mr T Y Prabhu, CMD, Oriental Bank of
Commerce shared the dias and made valuable contribution for better customer service
and to further activate the complaint redressal mechanism system.
Thesynergyonline Banking Bureau NEW
DELHI, JUNE 24 : According to the MOA, PNB and Vijaya Bank will continue to support Principal in the Asset Management Company for a period of three years . PNB
and Vijaya Bank shall sell their 30 percent and 5 percent stake respectively in
distribution JV company to Principal. PNB
will buy out Principal and Berger Paints stake of 26 percent and 25 peprcent respectively
in insurance broking company. PNB will buy out Principal and U K Paints stake of 26 percent and 32 percent respectively in Principal PNB Life Insurance Company . PNB and Vijaya Bank will decide future course of action in the insurance companies after getting regulatory approvals and finalisation of the deal.(editor@thesynergyonline.com)
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NEWDELHI,
AUG 16 : 
UNJAB
National Bank (PNB), at a function here to celebrate the bank crossing a major
milestone of enrolling more than 10 million debit card holders, launched two new
products to meet customer expectations: the PNB World Travel Card and the PNB
Platinum Debit Card, in association with MasterCard. 
RIENTAL
Bank of Commerce (OBC)) , a New Delhi-headquartered public sector bank , has entered
into a memorandum of understanding with Unique Identification Authority of India
to work as registrar to UIDAI.
DBI
Bank priced its US$ 350 million bench-mark Reg S Bond Issue at 4.75 percent p.a.
late last week. The bonds have a maturity of 5.5 years and were issued under
the bank’s US$ 1.5 billion MTN programme listed on the Singapore Stock Exchange.
NEW
DELHI, AUG 03 :
1,026 crore (US$ 221 million)
for the quarter ended June 30, 2010 (Q1-2011) from ` 878 crore (US$ 189 million)
for the quarter ended June 30, 2009 (Q1-2010). 1,026 crore (US$ 221 million) for
the quarter ended June 30, 2010 (Q1-2011) from ` 878 crore (US$ 189 million) for
the quarter ended June 30, 2009 (Q1-2010). 
The
term deposit rate for 181-270 days has been raised by 50 basis points to 6.25
percent from 5.75 percent currently. 
